A Decade of Economic Development Results by City Council District 2000
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Atlanta City Council ECONOMIC DEVELOPMENT SUMMARY A Decade of Economic Development Results By City Council District 2000 - 2010 Printed: 4/28/2011 May 2, 2011 Atlanta City Council City of Atlanta 55 Trinity Avenue, SW Atlanta, Georgia 30335 Dear City Councilmembers: As I reflect back on the past decade, the Atlanta City Council, with its affirmative vote on key pieces of legislation, laid the foundation for much of the success documented in this report. Through programs implemented by the Atlanta Development Authority, the city was able to leverage $1.9 billion in city, state and federal incentives to attract an additional $3.5 billion in private capital. This capital infusion resulted in tangible community benefits in the form of jobs, business recruitments, new parks and greenspace, workforce housing, homeless housing, homeownership assistance and small business loans. Incentives approved by City Council that made these dramatic results possible include: Tax Allocation Districts, 10 TAD districts approved Homelessness Opportunity Bonds, $22 million issued in 2005 Economic Opportunity Fund, $2.9 million awarded in 2006 Housing Opportunity Bonds, $35 million issued in 2007 Recovery Zone Economic Development Bonds, $22 million issued in 2010 Recovery Zone Facility Bonds, $10 million issued in 2010 Thank you for investing in Atlanta’s future. Appreciation is also extended to our partners at Fulton County and the Atlanta Board of Education for their commitment to the TAD Program. Without their support, much of the private investment would not have been possible. As your economic engine, it has been a pleasure for ADA to drive growth in the City of Atlanta. We look forward to continuing this momentum. Sincerely, Ernestine W. Garey Interim President cc: Mayor Kasim Reed Return on Investment The Atlanta Development Authority helped spur a total of $5.4 billion in real estate investment and business activity by leveraging $1.9 billion in local, state and federal incentives, from 2000 - 2010. For every $1 of public investment deployed by the ADA, it sparked $2 by the private sector. ADA helped bring $3.5 billion of private sector investment into the City of Atlanta. Printed: 4/28/2011 Council Districts: ADA Successes N o r t h s i 8 d e E o N D r d N N R o W l o l r e t 8 h W w o R s N s i o d r o x e b D R o #* E P r e N o k d d R w i R XY d s XY XY8 y 7 e N h e t tr E r h o c 8 a N Ge XY XY P ^_ NW o P 8 #* i Rd 8 e ill ^_8 d s M m re #*o oo n 8 M t r #*R D 888 d #* 8 kj e o88 88 n N d o 8 n 8 i o o E 8 88 s C o88 h 8 d o t r r o W kj M f 8 o u N a B o 8o N d r g H ^_ i n e R e 8 i v r t o p n #* t 8 S A XYo a w 8 t XYt 8 XYl n e ^_ o 8 B o l #* l o B l 8 v m 9 M XY 8 8d 6 d 8 8 8 e kj i 8 N i 8 l kjkj 8 l ^_ kj kjkjkj P W XY #* R #*1kj848thXYXY St NWXY9_888 dkjkj ^ 9 t 8 #* o 8 N 8 8 W S ^_ 8 8G Bankhead Hwy NW XY 9XY kj g 8 8 n 88 XY#* 8i ^_8 NE r Ave ^_ ankhead Ave NW XY9998Ponce8 de Leon ^_ o B p 8 8 e #* S XY88 #* o ^_ 88 ^_v ^_ 8 0 A 1 ^_ 88#* kj XYXY kj8 88 o t e Simpson Rd NW kj9kj #*u8t 8 8 #* Simpson Skjt #*NW XY n 8o o 88 G G#* 8#*kj kjkjkj888888888888888888888888888o R E 8 3 8 G#* 8 #*8kj kj8^_kj 8 te o e N 8 _ #* m ^ Gkj#*8kj#* kj"/kj982^_ 8 t8a8 888^_ Av 8 8 8 #* XY^_XY d S lb 8 8 G#*#*#* XY8 a C 8kjkj#* e _kj888888 K 8 8 Martin L#*uth8oe "/ i ^ 8e 8 8 8 88kj88#*r kj#*King XYJ^_r ^_D#*XYrkj ^_#*8D 8 8^_ 8 a 8 o 8888 kj P 8 o kj888#*88 #*G^_8kj^_ n 9__ 8 #*#* ^_^__kjkj ^^ G d 8 GG ^_^_ #* ^_8^_#*^_ e 8 #* 8 8 8 l #* 88 9 8 v 8 180 ^_ ^_ 888 ^_888^_kj888XY99 88^_8 Me e #* A morial Dr 8 #* Memori 8 8 r G W #*al Dr #* 8 8 8 8 G #* 8^_ #* ^_ 5 8 o8 8 G R #* d 8#* G#*S G #* 8 8 o #* #*kjo 8 88 G ^_ kj n d 8 o8 #* t 9#*8 #* 8 G a S 8 8^_ 8 88l 8 Glenwood Ave SE 8 8 ^_8 XY kj 8 8 e 88 o 88o #*r o 8 r _ 8 84 _ ^ B 8#* 88 8 8888888888888888888888 8^o 8 _88^_ 8 8 8 8 ^ o 8o 8 8y 8 __ W ^^ #*8r 8 ^_8^_ u 8 S #* 8 M 8 l 8 _oP 8#* 8 8 e 8#* 88 ^ 8 88 8 d8 8 v ^_ G 8W#* 888 888 8 e8 A S 8 88 8 8r 8 o ^_8 8 c e t ^_ 8 d 8 8W 8 8 8 8 r a S 8 888 8 8 e 88S 8 8 #* c 8 s G Casca 8 so 8e #*8 Mo888 8 d8 8 o t 8 e R e y c 8 d S a 8 D W C L o o D 8 w 8n o 8 ^_ 8 8 o r 8 k u 8^_ 8 W 8 8 g 8 S 8 S 88 P 88 o8 h 8 E 8 8 8 Rd 8 8 8 888 8 Bl n v 8 8 ton 8 d 8 ll a o #* S 8 e t 1 8 E 888 b i p l m8#*^_ W 8 a 8o 8 ^_ C S 8 8 e v p 8 t #*8888#*8 A 8#*#* 8 8 o 88 d S 8 8 8 r 88 o #* 8 888 ^_ 8 t 8 w8o e 8 #* ^_ e ke C 88 8 #*#* e G#* #* a am 88 #* #*M 8 p 88 L kjL 8 bellto 888o 88 #*8 XY n Rd ^_G 11 ^_ SW 8 o 88 o kjXY 8 8 888888888888888 o8#* 8 88 XY 8 12 #*#*G 8o 8 #* 8 J 8 8 o 88 8 n 88 888 e 888 s Cam b 8#*p C 8 o r8ee r 8 k P C o 88 Legend kw r y o R kj w 88 kj n d 88 "/ RXY S d E 9 501c3 Bonds o Parks and Green Space G Supportive housing "/ New Markets Tax Credits kj TAD Projects XY Business Relocations ^_ Small Businesses #* Multi-Family Rental 8 Single Family Homes ± Major Roads Council Districts Community Benefits Resulting from Capital Investment 2000-2010 13,000 jobs created or retained Over 500 acres of parks or trails acquired 412 supportive housing units produced 328 new assessment beds for the homeless 10,400 housing units created or preserved 82 small businesses financed 834 new home owners Printed: 4/28/2011 DISTRICT 1 ECONOMIC DEVELOPMENT SUMMARY The Atlanta Development Authority helped spur a total of $98 million in real estate investment and business activity by leveraging $52 million in public incentives, since 2000. Tax Allocation District Activity ⇒ $1.8 million in TAD grants were used to attract $16 million in new capital investment (city contribution is approximately $450,000 of tax increment) ⇒ Oakland Park developed by Urban Realty Partners located at 563 Memorial Drive, was completed in 2007, was the first LEED certified residential project in Atlanta ⇒ Impacts include: 52 market rate housing units, 13 affordable rate housing units, 6,375 square feet of new retail and 143 new structures parking spots Job Creation and Retention ⇒ The Oakland Park building led to new entrepreneurship activity along Memorial Drive: Doc Chey’s/Foxgloves & Ivy ⇒ Three businesses in the district have benefited from $195,000 in small business loans from ADA and resulted in $1.7 million in total capital investment. Companies include: Paracha Investment (1211 Moreland), Utopia Trading, Inc.(860 Hank Aaron), and Azul Day Spa (444 Bill Kennedy) Affordable Rental Housing ⇒ Three significant multifamily rental transactions received help through ADA since 2000. They include Richmond Oaks and Villages at Carver Phases I and III. ⇒ $30 million in multifamily tax-exempt bonds issued by URFA spurred $57 million in new capital investment ⇒ Produced 461 units of new or rehabilitated affordable rental units, plus 156 units of market rate units for a total of 617 units. Parks & Trails ⇒ Ten park transactions led by ADA since 2004. Land acquired include: Boulevard Crossing (3 closings), Four Corners (4 closings), Southtown Trail and Chosewood Park (2 closings) ⇒ A total of 33.7 acres of land was acquired using $11.4 million of city funds and leveraged $1.2 million of philanthropic and ACORA dollars ⇒ DH Stanton Park under construction (closing of 3 parcels pending) Homeownership and Housing Opportunity Bond Results ⇒ 78 single family closings since 2007 representing $10.6 million in real estate sold using $8.7 million in total URFA investment ⇒ Average income of borrower: $41,000 ⇒ Average downpayment subsidy: $16,000 ⇒ Total downpayment subsidy disbursed $1.2 million ⇒ Median sales price: $130,500 Council District 1: ADA Successes k888 8 88 ^ 8 8 P 8 8 r 8 y 8 o r 8 8 8 8 S 8 8 8 t 88 8 S ^^ 8 W 8 8 8 8 R 8 88 8 id 8 88 g e 8 8 Ao o 88 v e 8 S W o 888 ^ 8 8 o 8 8 8 1 M *# cD 8on 8 ou gh B l vd E S S E e v A ll te w Mc a Dono ve S *# ugh B A lvd SE od wo ke La J e o v n A e s d b n o a ro l e R r d o S M E o 888888888888888888888888888 Legend 9 501c3 Bonds o Parks and Green Space G Supportive Housing "/ New Markets Tax Credits k TAD Projects XY Business Relocations ^ Small Businesses *# Multi-Family Rental 8 Single Family Homes ± Major Roads DISTRICT 2 ECONOMIC DEVELOPMENT SUMMARY The Atlanta Development Authority helped spur a total of $3.4 billion in real estate investment and business activity by leveraging $869 million in public incentives, since 2000.